Central African Economic and Monetary Community (CEMAC): Selected Issues

IMF Staff Country Reports, January 3, 2019

Source details

Canonical URL: Central African Economic and Monetary Community (CEMAC): Selected Issues

Publication date: January 3, 2019
Type: Selected Issues paper (IMF Staff Country Reports)
Scope: Regional dimensions of a strategy to enhance governance in CEMAC to support country-level reforms.
Core thematic focus: governance and corruption in public financial management, anti-money laundering, and the link between the oil sector and public resources.
Regional role emphasized: CEMAC regional institutions must play a central role to lead progress and support member countries’ efforts, enabling a coherent framework and synergic actions across countries.

Governance dimensions described in the paper cover specific regional aspects relevant to a regional governance strategy.
The paper analyzes governance and corruption specifically in:
- public financial management
- anti-money laundering
- the link between the oil sector and public resources
Argument: A coherent regional framework can create a virtuous circle that helps realize the benefits of an economic and monetary union.
Strategic objective: Create conditions for a diversified economy, a well-functioning regional market, and an environment providing opportunities for all, with public resources geared to the most productive use.
Context: The regional strategy implemented by CEMAC member countries and regional institutions is intended to support exit from a severe crisis faced by the region.

Strengthening governance at the regional level supports country-level reforms.
Synergy between regional institutions and member countries can spur a virtuous circle critical to harnessing the benefits of an economic and monetary union.
Effective governance and anti-corruption measures in public financial management, anti-money laundering, and oil-revenue management are central to recovery and diversification.
The success of the regional strategy depends critically on laying the ground for a diversified economy and ensuring public resources are allocated to their most productive use.

Empower CEMAC regional institutions to lead and coordinate governance improvements across member states.
Implement coherent regional frameworks that align and support country-level governance reforms.
Prioritize reforms in public financial management to strengthen transparency and accountability.
Enhance anti-money laundering frameworks and enforcement across the region.
Improve governance and oversight of the oil sector to secure public resources and limit corruption.
Focus regional efforts on enabling economic diversification and a well-functioning regional market that creates broad-based opportunities.